Funds Availability Policy
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and or we will use them to pay checks that you have written.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 5:00 pm on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 pm or on a day, we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
- When we believe a check you deposit will not be paid
- When you deposit checks totaling more than $5,000 on any one day
- When you redeposit a check that has been returned unpaid
- When you have overdrawn your account repeatedly in the last six months
- If there is an emergency, such as failure of computer or communications equipment
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
Special Rules for New Accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, travelers, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the (7) business day after the day of your deposit.
Online Payment Terms
- By using the online payment option, you agree to be bound by these Terms and Conditions. You authorize Presitge CU or its Agent to originate Automated Clearing House (“ACH”) debit entries to the account you have designated to make payment for your loan account. Please print and retain a copy of these Terms and Conditions for future reference.
- You will receive a confirmation email for each properly completed payment request when selecting “Submit” on the payments screen. Payments will post to your account within 3 business days. You are responsible for completing online payments in adequate time to post to your account by the payment due date. We are not responsible for late payment fees resulting from your failure to comply with these Terms and Conditions.
- If an online payment is returned unpaid, you will be assessed a 33.00 fee in accordance with your account agreement and the Rate and Fee Disclosure.
- This service can only be used to make loan payments.
- If you have selected any Frequency besides One-Time, you understand that this will continue to occur at the frequency you selected until the loan is paid off or until you notify the credit union to stop taking payments by ACH.
- Payments made before 1:00 p.m. (Central Time) will be withdrawn and posted the next business day. If after 1:00 p.m. or on a non-business day, the payment will be withdrawn and posted by the 3rd business day.
What You Need to Know about Overdrafts
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that may come with your account after the account has been open for at least 60 days.
- We also offer overdraft protection plans, such as a link to a savings account or a line of credit loan, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We may authorize and pay overdrafts for the following types of transactions:
Checks and other transactions made using your checking account number
Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Prestige pays my overdraft?
Under our standard overdraft practices:
We will charge you a fee of $33.00 each time we pay an overdraft.
There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Prestige to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, just fill out the information below and click “Submit”. You can also print out this form and either send it by mail to PO Box 802631, Dallas, TX 75380, or email to firstname.lastname@example.org, or fax to 972-239-2519.
Authorization* I want Prestige to authorize and pay overdrafts on my ATM and everyday debit card transactions.